SoFi Technologies (SOFI) Falls Of Following High Volatility Rate

SoFi has suffered from a massive killing spree over the recent weeks, keeping up on the run. The sell-off was triggered by various factors, including the potential impact of the COVID-19 vaccine variant and the end-of-year tax-loss harvesting. The thesis on the evolution of finance remains intact as it is widely believed that the massive destroyal of banks will happen fully within the next decade. The SoFi thesis is about the company moving to create a platform that serves all of its customers’ financial needs. This will allow it to reduce its acquisition costs while extending its lifetime value. SoFi’s robust revenue and customer base make it a compelling long-term investment.

Apex helps financial companies with custody and other services, originally owned by SoFi. As a result, it became the preferred provider of custody and clearing solutions for robo-advisors and retail investors. SoFi, which was a partial owner of Apex, sold its entire 16.8% stake in the company earlier this year after failing to agree on a price. This was done following the company’s plan to go public. Apex Clearing’s adjusted profit for the second quarter of fiscal 2021 was expected to be in the range of $115.1 to $118.2 million.